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Portugal

Portugal

China Three Gorges takes a 49% stake in EDP Renovaveis

PORTUGAL: Portuguese generator EDP yesterday announced that its largest shareholder China Three Gorges (CTG) is to take a minority stake in the former's renewables subsidiary EDP Renovaveis (EDPR).

CTG is to buy 49% of EDPR and 25% of EDPR’s outstanding shareholder loans for a total €359 million. The transaction involves 615 MW of operational wind power and a further 25 MW ready to build, all covered by 2005 €110 MW/h tariff.

According to EDP "the transaction was agreed in the context of the strategic partnership established in December 2011" which preceded CTG’s acquisition of the Portuguese government’s 21.35% stake in EDP in May 2012.

CTG president Cao Guangjing also confirmed yesterday that CTG is in negotiations to acquire the Portuguese government’s  4.14% remaining shareholding in EDP.

An €800 million Bank of China loan formalised yesterday underlined CTG’s commitment to EDP. A further €1 billion in China Development Bank funding will follow in 2014.

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